The demand of ready to eat food in market is anticipated to grow on account of increasing working population, growing per capita disposable income, rising per capita expenditure on conventional food, changing taste preferences of people and the change in lifestyle among affluent consumers are driving the global market of ready to eat food over the forecast years.
Growing urbanization in developing countries also adds in the rise of the disposable income, which eventually increases the expenditure on easily available multi-flavored food thus, creating a huge market for the manufacturer. Moreover, the busy lifestyle leads the urban people to suffer from time crunch due to their busy work schedules which leads to the increased dependence on ready to eat foods. Further, this is aided with the penetration and availability of a wide variety of ready to eat products in different packaging formats at various distribution channels. All these factors are indicating towards the bright future of global ready to eat market in the coming years.
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Meat & Poultry food market is projected to be the leading segment of the overall market during the forecast period
Based on the Product type global RTE market is segmented into Meat & Poultry, Fruits & Vegetables, Cereals, and others. Meat & Poultry segment has the lion share in overall market owing to the development of basic infrastructure in various developing countries, and easy availability of storage space and economical prices is expected to drive the demand of meat and poultry prepared food across the globe. Moreover, the innovative idea to present the meat and poultry product with vegetable coating added more nutritional value thus, increases the demand in Ready to eat food market over the forecast period.
Frozen packed food segment is projected to be the fastest growing among other packaged food during the forecast period
Based on the packaging type global RTE market is segmented into Frozen, Canned, Chilled, and others. Frozen ready meals segment is likely to expand fastest over the forecast period owing to its higher acceptance among the consumers. With the increase in the high rate of consumption manufacturers also focused on providing low-cost affordable products. On the other hand, frozen foods have a greater shelf life and better value than other packaging products. Thus, the increasing need to preserve product shelf life, taste, texture, product quality, color, and the vitamin content, has motivated players to innovate new packaging designs that preserve the characteristics of the products.
North America accounts for lion share of the global RTE food market during the anticipated period.
Based on the region, the global RTE market is segmented into six regions which are North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. North America is expected to dominate the market for RTE food in terms of volume consumption. The U.S. is expected to contribute to the highest revenue followed by Europe. Thus, increased usage of on-the-go food products is expected to drive the growth in the North America region. The Asia Pacific is also expected to grow with the development in infrastructure and an increasing number of cold storages in Indian sub-continent. Other key factors are increased disposable income and rising preference of the consumer towards packaged and convenience food product across the region.
Global Ready to eat food market: Competitive Landscape
Major player competing in the global RTE market are Bakkavor Foods Ltd, Findus Group Ltd., McCain Foods, Premier Northern Foods Ltd, ADF Foods Ltd., Nomad Foods Ltd., Greencore Group Plc., ConAgra Foods, Inc., 2 Sisters Food Group, and General Mills Inc. are the major players in the global RTE food market, providing various products and flavors of food. Product launches, mergers & acquisitions with smaller level players have been the proven strategies for the growth of overall market.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global RTE Market size & forecast. The report promises to provide state-of-the-art technology of RTE Market and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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